powerpoint presentation...title powerpoint presentation author grond thomas created date 7/4/2019...
TRANSCRIPT
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2018 financial year
Analyst and investor conference
Zurich, 9 April 2019
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Agenda
▪ Key points in brief
▪ Finance
▪ Areas of focus in 2018
▪ Operating environment and outlook
▪ Questions
▪ Closing remarks and drinks
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Agenda
▪ Key points in brief
▪ Finance
▪ Areas of focus in 2018
▪ Operating environment and outlook
▪ Questions
▪ Closing remarks and drinks
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2018: good operating results, business continuing to develop well
Key points in brief
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+++++++++++++
Operating income above expectations
EARNINGS STRATEGY
▪ Tot. operating revenue CHF 2.1 bn
▪ EBIT CHF 35 m
▪ Group earnings CHF 16 m
▪ Cash flow CHF 55 m
▪ Electricity sales 4.47 TWh
(excluding trading)
▪ Gas sales 3.42 TWh
(excluding trading)
▪ Core business strengthened
▪ Preserving value of hydro assets
▪ Italian sales portfolio expanded
▪ Positioning as full service
provider further consolidated
▪ Increasing renewable generation
Key points in brief
POSITIVE EFFECTS
▪ Recovery in market prices
▪ Market opportunities
successfully seized
▪ Substantial contribution from Italian
market
▪ Growing earnings from
contracts for third parties
▪ Costs developing in line with strategic
developments
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Electricity prices recovering slowly
Key points in brief
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Electricity prices highly volatile
Key points in brief
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The only constant is change: highly dynamic energy market
▪ Politics: Electricity supply and water rights legislation,
2022 roadmap, etc.
▪ Industry: Alpiq concentrating on electricity business,
BKW regrouping, ABB selling grid division, etc.
▪ Developments abroad: Germany preparing to abandon
coal, Italian electricity market fully liberalised, etc.
▪ Exchanges: Electricity prices volatile, carbon certificates
getting more expensive, etc.
Key points in brief
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Agenda
▪ Key points in brief
▪ Finance
▪ Areas of focus in 2018
▪ Operating environment and outlook
▪ Questions
▪ Closing remarks and drinks
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We have successfully harnessed improved conditions
on the market
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Operating income above expectations
Operating income above expectations
FY 2018 highlights
▪ Operating income above expectations at CHF 35 m
▪ Swiss market slightly improved on prior-year levels; we were able to capitalise on
increasing prices relatively early on and profitably exploit volatility
▪ Substantial earnings contribution from Italy market, thanks especially to Teverola
plant and newly-formed Repower Renewable unit
▪ Support with building new fields of business has increased personnel and other
operating expense at Corporate Centre
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Overview of FY 2018
*FFO = cash from operating activities before change in net
current assets and taxes paid
**Includes investment in tangible assets, intangible assets
and associates, and investment-type loans
***Net debt came in at CHF -2 million in 2017, hence
negative figures for debt ratios
CHF m FY 2018 FY 2017
Total operating revenue 2,090 1,847
Gross margin (energy) 223 208
EBITDA 82 79
EBIT 35 34
Group earnings 16 20
FFO (funds from operations)* 60 72
CFO (cash flow from operating activities) 55 43
Investments** 35 32
FFO/net debt*** 134% <0%
Net debt/EBITDA 0.5 0.0
Equity ratio 43% 42%
No. of employees on December 31 (FTEs) 591 578
Operating income at prior-year level, gross margin up 7%
▪ Positive development in cash flow
from operations, significantly
better effect from change in net
current assets
▪ Debt up slightly in the wake of
acquisition of Electron companies
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Higher energy margin offsets increase in expenses
Comparison with prior year
▪ Gross margin in Switzerland and Italy improved significantly by exploiting increasing prices and volatile markets
▪ Other income includes insurance payments for downtime at Teverola plant
▪ Expenses higher year on year because of implementation of strategy and lack of extraordinary items
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Positive developments are bound up with manpower
Main cost items
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Higher gross margin thanks to better market conditions
Market Switzerland
Gross margin better than prior year
▪ Positive contribution thanks to increasing prices and volatility
▪ Positive price developments mean less pressure on margins from
long positions
▪ Narrower margin on basic supply (CHF -1.8 m)
Improvement in gross margin offsets increase in personnel expense
▪ Internally produced and capitalised assets higher than prior year
(CHF +0.9 million)
▪ Personnel expense higher than prior year (CHF +2.1 m)
▪ Lower concession charges (CHF -0.9 million)
▪ Operating expense higher than prior year (CHF +1.0 m)
CHF m
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Good result thanks to Teverola plant and gratifying sales figures
Further increase in gross energy margin
▪ Revenue contribution from Teverola combined cycle gas turbine
plant well above expectations, especially in Q4
▪ Sales: margin on electricity lower than expected, better overall on
gas
▪ Trading result significantly better than expected thanks to Teverola
Market conditions and deployment of Teverola influence EBIT
▪ Improvement in gross margin offsets increase in personnel expense
▪ Contribution to earnings from new Repower Renewable unit
(CHF +2.9 m), including existing plants such as Lucera and newly
acquired Electron group
▪ Another reduction in expenditure in connection with overdue
receivables thanks to optimised accounts receivable management
CHF m
Market Italy
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Higher costs at the Corporate Centre
EBIT down because of higher costs
▪ Associates hit earnings more heavily than prior year (CHF -0.5 m)
▪ Setting up new business activities also leads to greater operating
expense than the prior year at the Corporate Centre
(personnel CHF +1.6 m, IT CHF +2.1 m)
▪ Higher capital taxes because of offsetting of impairment on
Lagobianco loan (CHF +0.8 m)
▪ Significant decline in contribution to earnings from sale of real
estate (CHF -1.4 m)
CHF m
Corporate Centre
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Equity ratio stable
Balance sheet stable
Equity ratio at constantly high level
▪ Equity ratio of 43% within target range of 35% to
45%
▪ Acquisition of Electron increases balance sheet
total
CHF m
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Slight increase in net debt to EBITDA
Debt
Net debt back above zero
▪ Slight declines in net debt and net debt to EBITDA
owing to acquisition of Electron in Italy
CHF m
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Stability helped by earnings from regulated business
Regulated business
CHF m
▪ Decline in EBIT contribution from
regulated business in Switzerland,
owing in part to one-time earnings
in 2017 and lower energy prices in
basic supply
▪ Gratifying volumes of energy
generated in Switzerland and Italy
also have positive impact on EBIT
from regulated business
▪ Acquisition of Electron boosts
share of renewables in Italy
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Growing importance of revenues from non-energy business
▪ Earnings from services for third
parties were maintained. 2017
includes one-time earnings from
sale of assets
▪ In 2018 Repower won a major
contract worth almost CHF 20 m
▪ Earnings on electric mobility
business still modest, but
sustained growth in Switzerland
and Italy
▪ Slight increase in sales at Swibi
Non-energy business
CHF m
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Slight decline in funds from operations (FFO)
CHF m
▪ Decline in FFO due to slightly lower earnings and
increase in non-cash items versus 2017 (release of
provisions of CHF 6 m for long-term agreements)
▪ 2016 FFO contains effect of clean-up of overdue
receivables (CHF -22 m, corrected via change in
net working capital)
▪ While disposals had a positive effect on operating
income in 2016 (CHF 11 m), the effect on cash
(CHF 16 m) is contained in cash flow from
investing activities rather than in FFO
▪ 2017 saw an increase in other financial cash
outflow for currency hedging (CHF -6 m)
Cash flow
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Year-on-year increase in cash flow from operating activities
CHF m
▪ As expected, positive effect from change in net
current assets, especially in Italy; overall net
current asset effect CHF -5 m vs CHF -30 m in
2017
▪ Reduced by non-cash earnings components such
as release of provisions for long-term
agreements and valuation effects for energy
derivatives
▪ Significant reduction in other financial cash
outflow versus prior year (CHF -6 m)
Cash flow
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Credit check process in Italy bearing sustained fruit
▪ Sharp reduction in DSO in Italian sales
business
▪ The main reason for the improvement is a
newly introduced billing system
▪ At the same time processes have been
further optimised, standardised and
automated
▪ Ultimately, careful credit checks on
customers also enable successful collection
Accounts receivable situation
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Agenda
▪ Key points in brief
▪ Finance
▪ Areas of focus in 2018
▪ Operating environment and outlook
▪ Questions
▪ Closing remarks and drinks
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Improving the status quo, creating something new
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CH: Repower exploiting changes to the benefit of customers
LiberalisationRegulation
Decentralising generation
Load managementEVDigitalisation
Convergence
Smartgrid
Smart home
Smart metering
Optimising self-consumption
Products/services
with customer
utility
Energy (power/gas) GoOs
Technical services
Trading services
New services
SustainabilitySolar power
Renewable energy
Climate
Carbon
Guarantees of
origin
New business models
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Stay-in-business capex keeps assets in good condition
▪ Distribution grid investment and
maintenance CHF 28 m
▪ Enhancing grid in Landquart area:
13 power pylons dismantled and lines run
underground
▪ Generation asset investment and
maintenance CHF 14 m
▪ New subsidiary Repower Renewable
▪ Planning to modernise hydro assets in
Valposchiavo for around CHF 150 million
Maintaining and extending grid infrastructure Maintaining and extending energy generation
Strengthening core business
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Our services for third parties
New strategy, new fields of business
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Repower working for utilities, municipalities and industrial customers
▪ Newly constructed Avegno substation
▪ Newly constructed Mendrisio substation
▪ Retrofit of Martina power plant
▪ Renewal of plant connection at Pradella control room
▪ Optimisation system service for SBB renewed for a further year
▪ Various assembly contracts for Siemens and ABB
▪ Services provided to 44 municipalities
Grid and generation assets
New strategy, new fields of business
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Trading is the central component for asset optimisation and services
▪ 12.52 TWh of electricity sold in trading
▪ 14.36 TWh of electricity procured in trading
▪ 10.75 TWh of gas sold in trading
▪ 3.6 TWh of electricity sold to market
customers and utilities in Switzerland
▪ Energy supplied to around 65 utilities in
Switzerland
▪ Pan-European collaboration with around 250
trading partners
▪ Repower balance groups expanded to 4 TWh
Repower's strategy
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New services: applications and systems for efficient energy management
Smart metering and energy management package
Digital asset management solution
Digital energy portfolio management solution
Provider of full electric-vehicle-related services
Complete solution for using and storing solar energy
New strategy, new fields of business
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▪ Round-the-clock real-time data and
visualisation of energy consumption
▪ Manage and influence consumption
on an individual basis
▪ Optimise self-consumption
▪ Smart metering
▪ Replacing ripple control system
▪ Extended with new functions
The intelligent solution for utilities and end-consumers
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Asset management made easy
▪ Eniwa: EASYASSET applied to multi-utility (electricity,
water, gas, heat/cold)
Grid with 400 transformer stations
▪ Energie Belp: Repower know-how enables quick, easy
integration of EASYASSET
Grid with 75 transformer stations
▪ RhB: EASYASSET applied to public transport
Grid with 1,400 signals
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Welcome to the future of portfolio management
▪ Bundles market and customer information
▪ Models and evaluates energy portfolio
▪ Derives risk strategy
▪ Manages energy portfolio
▪ White label product: tailored to specific technical needs
25 customers are already using ENERGYSPACE to manage
their energy portfolio.
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GET IN THE SUN NOW!ONE-STOP SOLAR INSTALLATION
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Investment in a renewable future
Solar installation
We plan and install the
entire PV installation
Intelligent control system
Self-consumption is visualised
and optimised. The customer
saves energy and money
Administration
We take care of authorisations,
subsidies and certifications
App/SUN@HOME portal
Key real-time information on the
installation, any time and any place
Great customer response: all six information events in
Canton Graubünden fully booked and orders and
commitments worth CHF 410,000 have already been
received.
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We’re driving electromobility
▪ More than 200 public and semipublic PLUG’N ROLL charging points in
Switzerland
▪ More than 40,000 charging points in the PLUG’N ROLL network all
over Europe
▪ Eleven RhB railway stations equipped with PLUG’N ROLL charging
points
▪ Jaguar Land Rover Schweiz AG recommends the PLUG’N ROLL
Copper charging station to its customers
▪ PLUG’N ROLL in partnership with SwissPass
▪ 25 public charging points in Zurich in collaboration with EKZ
▪ Repower becomes Minergie leading partner
▪ Signatory of the federal government’s 2022 electromobility roadmap
▪ Repower fleet increasingly electric
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IT: Repower is THE full-service provider for its customers
LiberalisationDecentralising generation
Energy trading EV
Digitalisation
ConvergenceOptimising consumption
SOHO
Photovoltaic
Wind energy
Electricity
Gas
VAS
▪ 50<>2000 MWh
electricity
▪ 20k<>1000k mc gas
▪ 10<>50 MWh
electricity
▪ 10k<>20k mc gas
RegulationInnovation
Design
Renewables
New business models
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+++++++++++++
Growth continues in the liberalised Italian market
GENERATION PORTFOLIOINNOVATION & DESIGN
▪ New subsidiary Repower
Renewable
▪ Teverola delivers good results
despite downtime
▪ Wind farm generation above
expectations
▪ Electricity sales portfolio:
4.5 TWh
▪ Gas sales portfolio: 3.0 TWh
▪ 656 contracts for VAMPA, DIODA,
eFFetiva and FOCUS
▪ 372 contracts for electromobility
▪ Repowere: electromobility on
water
▪ Premio Speciale Repower
innovation award
▪ HOMO MOBILIS by Repower
▪ New app for EV drivers
Market Italy
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The latest solutions for electromobility
New strategy, new fields of business
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Agenda
▪ Key points in brief
▪ Finance
▪ Areas of focus in 2018
▪ Operating environment and outlook
▪ Questions
▪ Closing remarks and drinks
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Into the future of energy with vision
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+++++++++++++
Challenges remain, but looking forward with confidence
OPERATING
ENVIRONMENT/MARKET
RESULTS
▪ Increasing market prices
▪ Market conditions remain
challenging
▪ Agreement with the EU on
electricity hanging in the balance
▪ Electricity Supply Act the subject of
controversial debate
▪ Operating earnings expected to
be higher than 2018
▪ Stable capital base
▪ EUR/CHF rate and market prices
remain key driver of earnings
▪ Earnings underpinned by
contributions from regulated
business and new products
Outlook for 2019
STRATEGY
▪ Systematic gearing to sales and
services
▪ Developing and refining
innovative products
▪ Preserving hydro assets
▪ Expanding SME market in Italy
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Agenda
▪ Key points in brief
▪ Finance
▪ Areas of focus in 2018
▪ Operating environment and outlook
▪ Questions
▪ Closing remarks and drinks
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Upcoming events
Agenda
▪ 2019 annual general meeting 15 May 2019
▪ 2019 half-year results 21 August 2019
▪ 2019 analysts’ meeting 29 October 2019
▪ 2020 annual press conference 7 April 2020
▪ 2020 annual general meeting 19 May 2020
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Agenda
▪ Key points in brief
▪ Finance
▪ Areas of focus in 2018
▪ Operating environment and outlook
▪ Questions
▪ Closing remarks and drinks
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Danke für eure AufmerksamkeitMany thanks for your interest!